Home News Binance invested $12M in WOO Network

Binance invested $12M in WOO Network

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The WOO Network project has attracted $12 million in investments from the Binance venture division (Binance Labs) as part of the Series A+ round.

Furthermore, WOO Network is a liquidity platform, which is connecting users with exchanges; wallets, decentralized finance (DeFi) services and other projects. Its ecosystem includes a centralized trading platform WOO X, a decentralized exchanger WOOFi; as well as a solution for institutional clients WOO Trade.

Last year, WOO Network began providing liquidity to the Binance Smart Chain (BSC) ecosystem through the launch of the WOOFi Swap service. The latter uses institutional approaches to market-making in order to improve pricing and decrease slippage.

Adding significant value to the crypto ecosystem

Thus, the platform also interacts with dYdX, Matcha, ParaSwap, 1inch, DODO and several dozen other projects.

“As a member of BSC’s Most Valuable Builder program, where we develop products and mentor early-stage projects, we are uniquely positioned to expand our strategic relationship”. Ran Yi, WOO Network’s Chief of Ecosystem Development said in the statement.

“WOO Network adds significant value to the crypto ecosystem by providing deep liquidity and zero-fee trading both on- and off-chain”. Peter Huo, Binance Labs Investment Director, added.

Raising $30 million in a Series A funding round

From the beginning of 2020 to October 2021, the network’s trading volume increased from $20 million to $1 billion per day. In mid-September, the average daily volume reached a record high of $2.6 billion.

In November 2021, WOO Network raised $30 million in a Series A funding round. Which took place with the participation of Three Arrows Capital, Crypto.com Capital, Avalanche Foundation and other investors. Moreover, the number of funds raised was twice as much as expected. Part of it was directed to global expansion. WOO Network will open a regional Research and development (R&D) office in Warsaw.

Previously in December, WOO Network announced the creation of a decentralized autonomous organization (DAO) for the transition to decentralized governance.

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